China's Huawei posts flat 2016 profit, revenue growth slows Huawei,

 The world's No. 3 smartphone maker behind Apple Inc and Samsung Electronics Co Ltd, said net profit rose to 37.1 billion yuan ($5.3 billion) Chinese telecom equipment and smartphone maker Huawei Technologies Co Ltd said on Friday that net profit edged up just 0.4 percent last year, its slowest annual growth since 2011. Huawei, the world's No. 3 smartphone maker behind Apple Inc and Samsung Electronics Co Ltd, said net profit rose to 37.1 billion yuan ($5.3 billion) Global revenue climbed 32 percent to 521.6 billion yuan, slightly slower than 35 percent growth a year earlier. Revenue from its consumer business group rose 44 percent to 179.8 billion yuan ($25.9 billion), lagging the company's own forecast of $30 billion made a year ago. It shipped 139 million phones last year. Revenue from its carrier business rose 24 percent to 290.6 billion yuan 

Read more for Indian Stock Tips-http://bit.ly/ace_services

Japan output jump, low jobless rate yet to spark inflation

 But household spending remained soft and consumer inflation was flat when stripping away the effect of rising energy costs, underscoring the challenges the Bank of Japan faces in generating sustained price rises backed by steady wage growth. Japanese factory output rose at the fastest pace in eight months and the jobless rate hit a two-decade low in February, a sign a rebound in overseas demand continued to brighten prospects for the country's export-reliant economy. But household spending remained soft and consumer inflation was flat when stripping away the effect of rising energy costs, underscoring the challenges the Bank of Japan faces in generating sustained price rises backed by steady wage growth. The data may reinforce market expectations that while the BOJ's next policy move could be to withdraw its massive stimulus, the timing would be some time away, analysts said. 

Donald Trump predicts 'very difficult' summit with Xi Jinping 

 Given that the United States has a massive trade deficit with China, tweeted. President Donald Trump has said that the next week's high-profile summit with his Chinese counterpart Xi Jinping will be a "very difficult" one as the US can no longer afford massive trade deficits and job losses. Given that the United States has a massive trade deficit with China, American companies must be prepared to look at other alternatives, Trump tweeted. Trump is scheduled to meet Xi at his Mar-a-Lago residence in Florida on April 6 and 7. This would be the first summit meeting between the two leaders. "The meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits and job losses,"

Ericsson to take writedowns, provisions, restructuring charges in

 Q1 Ericsson said in a statement it would write down assets in the first quarter, with an estimated impact on operating income of 3-4 billion crowns ($342-$456 million). It estimated restructuring charges would amount to 6-8 billion crowns in 2017, of which it would book 2 billion in the first quarter. Swedish telecoms equipment maker Ericsson said on Tuesday it would take provisions, writedowns and restructuring charges this year, most of it in the first quarter, and announced a new organisational structure and business focus

China Southern Airlines to sell $200 million shares to American Airlines 

The deal would make American Airlines the second U.S. carrier to own part of a Chinese airline after Delta Air Lines Inc bought 3.55 percent of China Eastern Airlines Corp for $450 million in 2015. China Southern Airlines Co Ltd said on Tuesday it would issue HK$1.55 billion ($199.6 million) worth of shares to a subsidiary of American Airlines Group Inc, giving the U.S. airline a stake in China's largest carrier. The deal would make American Airlines the second U.S. carrier to own part of a Chinese airline after Delta Air Lines Inc bought 3.55 percent of China Eastern Airlines Corp for $450 million in 2015. In a filing to the Hong Kong stock exchange, China Southern said it would issue 270.61 million Hong Kong-listed H-shares, representing 2.68 percent of the enlarged share capital of the airline. The shares would be issued at HK$5.74 apiece, or at a 4.6 percent premium to the previous close. Among other things, the deal would help China Southern improve its governance, strengthen management, boost its competitiveness and help "achieve the strategic goal of building a world-class aviation industry group", the filing said. 

Uber suspends self-driving car program after Arizona crash 

The accident, the latest involving a self-driving vehicle operated by one of several companies experimenting with autonomous vehicles, caused no serious injuries, Uber said. Uber Technologies Inc suspended its pilot program for driverless cars on Saturday after a vehicle equipped with the nascent technology crashed on an Arizona roadway, the ride-hailing company and local police said. The accident, the latest involving a self-driving vehicle operated by one of several companies experimenting with autonomous vehicles, caused no serious injuries, Uber said. Even so, the company said it was grounding driverless cars involved in a pilot program in Arizona, Pittsburgh and San Francisco pending the outcome of investigation into the crash on Friday evening in Tempe. "We are continuing to look into this incident," an Uber spokeswoman said in an email. The accident occurred when the driver of a second vehicle "failed to yield" to the Uber vehicle while making a turn, said Josie Montenegro, a spokeswoman for the Tempe Police Department.

Toshiba's Westinghouse may file bankruptcy on Tuesday, seeks Kepco aid: 

A Chapter 11 filing could help Toshiba limit damage from losses at Westinghouse, the report by the Japanese business daily said, without citing sources for its information. Westinghouse Electric Co, the U.S. nuclear unit of Japan's Toshiba Corp, could file for bankruptcy protection as early as Tuesday and is seeking support from South Korea's Korea Electric Power Corp, the Nikkei said on Monday. A Chapter 11 filing could help Toshiba limit damage from losses at Westinghouse, the report by the Japanese business daily said, without citing sources for its information Sources told Reuters on Friday that Toshiba had told its main banks it planned to have Westinghouse file for bankruptcy on Friday, expanding charges related to the U.S. unit this business year to about 1 trillion yen ($9 billion) from its publicly flagged estimate of 712.5 billion yen. Nikkei said the Westinghouse board would meet as early as Tuesday to decide on a Chapter 11 petition, which it could file the same day. 

Govt still looking at ways to accommodate Apple's tax concession demands:

 Although the Finance Ministry has prima facie rejected the demands of the US-based technology major, senior executives of the company met an inter-ministerial group recently to deliberate upon the issue. The government is working on certain options to accommodate demands related to tax and duty concessions sought by iPhone maker Apple for setting up a manufacturing unit in India. Although the Finance Ministry has prima facie rejected the demands of the US-based technology major, senior executives of the company met an inter-ministerial group recently to deliberate upon the issue. The group discussed at length the demands of the company, sources said, adding that the government is trying to find ways through which certain support measures could be extended to the American firm. Sources also said the company is asking for concessions as it wants to bring in its supply chain or component makers to the country as Apple cannot source inputs locally. The company also wants duty exemptions on the products to be bought from special economic zones (SEZs). At present, goods exported from SEZs do not attract any duty but import duties are levied if items produced in special economic zones are sold in the domestic market.

After Air India, Indigo cancels ticket of Sena MP After national carrier

 Air India cancelled the Pune flight ticket of Shiv Sena MP Ravindra Gaikwad for assaulting one of its staffers at Delhi airport, budget carrier IndiGo also refused to take him on board After national carrier Air India cancelled the Pune flight ticket of Shiv Sena MP Ravindra Gaikwad for assaulting one of its staffers at Delhi airport, budget carrier also refused to take him on board. The Sena MP had booked a ticket on IndiGo flight to Pune for this evening, which has been cancelled by the airline, sources said. "He had booked on IndiGo's fight today at 1750 hours from Delhi to Pune. But the airline has cancelled the booking and is refunding the entire amount," the source told PTI. In a related development, Tata-SIA joint venture carrier Vistara also joined the national carrier

Maharashtra Doctors Call off Strike, Resident Doctors Not on Board"

 After almost five days of medical services paralysis in Maharashtra, the Indian Medical Association (IMA) has called off doctors' strike in Maharashtra after they met Chief Minister Devendra Fadnavis. All the 40,000 doctors have reported back to work immediately. Dr Parthiv Sanghvi, Secretary of the IMA, told  that a fruitful discussion took place between IMA and the Government of Maharashtra. “CM Devendra Fadnavis has promised to fulfill our demands of providing adequate security,” said Sanghvi. Fadnavis has informed the IMA representatives that more security has been provided in 16 hospitals since Thursday and it assured that the government will provide more security in the coming 10 days. In a meeting with the IMA officials at Vidhan Bhawan in Mumbai, they were briefed about the steps the government is undertaking to make sure that such violent attacks don’t occur in hospitals again. Around 4500 protesting doctors from the Maharashtra Association of Resident Doctors (MARD) were asking the state government to ramp up the security to shelter them against violent relatives of the patients, provide safeguard against attacks in government hospitals and enforce stricter implementation of the Doctor’s protection Act. Around 40,000 doctors from the IMA had also joined the strike with the resident doctors. It has impacted medical services in about 40 hospitals across the city. However, the junior resident doctors have refused to call their strike off and have said that they would like to speak to their lawyers before coming to a conclusion. 

'Noto Serif', The Enforcement Directorate today issued a show-cause 

Notice to actor Shah Rukh Khan, his wife Gauri, actor-friend Juhi Chawla and others for alleged loss of Rs 73.6 crore foreign exchange in a FEMA case related to the T-20 cricket league IPL. The agency said it has also issued notice to Knight Riders Sports Private Limited (KRSPL) which owns the Indian Premier League (IPL) team of Kolkata Knight Riders (KKR). The notice has been issued for the sale of some shares of KRSPL to a Mauritius-based firm at a cost lower than their "actual value", resulting in loss of foreign exchange to the extent of Rs 73.6 crore. The agency said the notice has been issued for "contravention of provisions of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 made under the Foreign Exchange Management Act". While Gauri is a Director of KRSPL, Khan and Chawla are the owners of the IPL team KKR. The case pertains to 2008-09 when the ED first began investigation against the IPL franchise and its owners.Khan and others have been questioned by the ED multiple times in this case and the actor's statement was also recorded under FEMA provisions.

Instagram says advertising base crosses 1 million businesses

" Instagram is expected to announce that it has reached more than 1 million monthly active advertisers, as the Facebook Inc-owned photo-sharing app tries to become a center of online commerce. The number of advertisers has grown five-fold from 200,000 a year ago, Instagram's vice president for business, James Quarles, said in a phone interview this week. He called the 1 million number a "milestone." Facebook bought Instagram for $1 billion in 2012, and initially, the app had limited advertising with only a handful of well-known brands. 

"4 dead, at least 20 injured in 'terror' attack at UK Parliament" 

 Four people were killed and at least 20 injured in London on Wednesday after a car ploughed into pedestrians and an attacker stabbed a policeman close to the British parliament, in what police called a terrorist incident. The dead included the assailant and the policeman he stabbed, while the other two victims were among the pedestrians hit by the car as it tore along Westminster Bridge, which is right next to parliament. "We've declared this as a terrorist incident and the counter-terrorism command are carrying out a full-scale investigation into the events today," Mark Rowley, Britain's most senior counter-terrorism officer, told reporters. "The attack started when a car was driven over Westminster Bridge, hitting and injuring a number of members of the public, also including three police officers on their way back from a commendation ceremony. "A car then crashed near to parliament and at least one man, armed with a knife continued the attack and tried to enter parliament." Reuters reporters who were inside parliament at the time heard loud bangs and shortly afterwards saw the knifeman and the stabbed policeman lying on the ground in a courtyard just outside, within the gated perimeter of the parliamentary estate

Developing story: Assailant shot, dozen injured in incident at UK parliament" 

An assailant was shot outside the British parliament by armed police, the leader of the House of Commons said on Wednesday after loud bangs were heard and a Reuters photographer saw at least a dozen injured people on a nearby bridge. A parliamentary official earlier said two people had been shot outside parliament and the building was in lockdown. The House of Commons session was suspended and members of parliament who were in the chamber were told to remain there. Police said they had been called to an incident at Westminster Bridge, officers were on the scene and it was being treated as a firearms incident. A Reuters reporter inside the building said medical staff were treating two people inside the gates of the parliamentary estate. Nearby Westminster underground train station was closed at the request of police.Photographs by Reuters staffer Toby Melville showed two people lying on Westminster Bridge, bleeding heavily 

Read more for Best Stock Tips-  http://bit.ly/ace_services

"Uber vows to change direction, become more humane company".

Uber is vowing to head down a new road and become a more humane company. The promise made in a conference call with reporters Tuesday comes amid a wave of ugly developments, including allegations of rampant sexual harassment and a video of a profanity-laced confrontation between the ride-hailing company’s CEO and a disgruntled driver. The incidents have Uber scrambling to minimize damage caused by the unflattering portrait of the company that has emerged. The backlash already has resulted in management defections, including the resignation of its president, Jeff Jones, after just six months of on the job. Uber CEO Travis Kalanick had already apologized to employees for the missteps and is looking for a chief operating officer to help him change his ways. Kalanick didn’t participate in Tuesday’s call. 

Read more for HNI Stock Tips- http://bit.ly/ace_services

Kindles, cameras, iPads: US, UK ban gadgets on board on some flights from Middle East"

 The US and UK, citing terrorism concerns, barred passengers on some international flights from mostly Muslim-majority countries, from carrying large electronic devices like cameras and laptops as cabin baggage. Passengers travelling to the US from 10 airports in eight Muslim-majority countries, including from global hubs like Dubai and Istanbul, cannot carry large electronic devices like cameras and laptops as cabin baggage under a new Trump administration order. According to the tough security restrictions, passengers will have to check in any devices bigger than a smartphone -- including iPads, Kindles and laptops -- before clearing security or boarding, US officials said. The open-ended ban by the US will affect more than 50 flights from 10 airports in Cairo, Egypt; Dubai and Abu Dhabi, UAE; Istanbul, Turkey; Doha, Qatar; Amman, Jordan; Kuwait City; Casablanca, Morocco; and Jeddah and Riyadh, Saudi Arabia. The nine airlines are Egyptair, Emirates Airline, Etihad Airways, Kuwait Airways, Qatar Airways, Royal Air Maroc, Royal Jordanian Airlines, Saudi Arabian Airlines and Turkish Airlines. 

G20 on blockchain: Essential to build accountable digital economy for all “

At a time when governments must fight to restore the public’s faith in cross-border economic cooperation, blockchains can play a critical role in strengthening economic resilience while ensuring the global economy works to the benefit of all,” the G20 statement read. Bitcoin, as a digital asset, may have been scrutinized around the globe but it the core idea or rather software that gives life to this monster – the blockchain – has increasingly gained acceptance around the globe and is now its benefits are officially recognized by the G20 group of countries. In a recent statement, authored by Julie Maupin, a senior fellow with CIGI’s International Law Research Program, said that the G20 nations should engage with blockchain technologies to build an inclusive, transparent, and accountable digital economy for all. 

Work to begin soon on Mumbai-Vadodara Express

 

 Gadkari Work on Rs 44,000 crore Mumbai-Baroda Expressway will be launched soon, Road Transport and Highways Minister Nitin Gadkari said today. "Land acquisition for the project is complete. We will start the work on it soon," Gadkari said at Growth Net annual summit, organised by Ananta Centre and CII here. He said the project cost of the expressway is estimated at Rs 44,000 crore. "We will offer it on BOT (build, operate & transfer) first and if no response is there, we will go for engineering, procurement and construction (EPC) mode," he added. The 380-km-long Expressway is part of golden quadrilateral project. The proposed expressway passes through various locations in Thane district in Maharashtra besides union territories of Dadar and Nagar Haveli as well as Valsad, Navsari, Surat and Bharuch in Gujarat. 

 

 

Read more for Indian Stock Tips- http://bit.ly/ace_services

Grand Challenge': Govt plans to pit states against each other for a Rs 10,000 crore 

Bounty for road Grand Challenge': Govt plans to pit states against each other for a Rs 10,000 crore bounty for road projects" The government is working on a Smart City-like ‘Grand Challenge’ scheme for states to compete with each other for Rs 10,000 crore every year in grant for their various road projects, according to an official familiar with the development. “The entire Rs 10,000 crore will have to be spent in one year. The amount will be sanctioned and the funds will be released as and when milestones are achieved,” the official said. The winner state will have to fulfill some 12-13 parameters – this could include ensuring land acquisition is in place before the grant is sought, securing clearances and execution performance of the state public works department in the last two to three years.

Hydro park for developers, purchase obligation may form part of govt’s hydel policy" 

Hydro parks and purchase obligation on the part of states are among the many incentives that could form a part of the soon-to-be-announced hydro-electric policy, according to an official familiar with the development. “Much like special economic zones, the hydel policy is likely to introduce the concept of hydro parks where different developers could be invited to set up their projects in a certain area against tax and other incentives,” the official said. So far, hydel projects of up to 25 MW were considered under renewable category and thus only such units attracted tax and other benefits. Hydel projects of over 25 MW were considered as conventional units and thus failed to get many of the benefits that units of up to 25 MW managed to get. 

Vijay Mallya's $20mn 'Sky Mansion' is ready, but will he get possession? 

This skyscraper is being built under a joint venture between United Breweries Holdings Ltd (UBHL) and Prestige Estates Projects Ltd. In this agreement UBHL owns 55 percent stake and the developer have 45 percent. and Prestige Estates Projects Ltd, The rough value of the 'Sky Mansion' is around USD 20 million but the embattled industrialist -- whose Kingfisher Airlines defaulted on a huge loan and who has been staying out of the country despite directives -- may lose the apartment. In the legal battle that has ensued since Kingfisher's default, the debt recovery tribunal in Bengaluru ruled in favour ofSBI the airline's largest lender, and allowed banks to start the process of recovering the Rs 6,203.35 crore owed by the carrier. 

Manipur economic blockade lifted after 5 months 

The five-month-long economic blockade in Manipur was lifted tonight after successful talks among the Centre, the state government and the Naga groups. The blockade was imposed by the United Naga Council on November 1 to protest against the creation of seven new districts by the erstwhile Okram Ibobi Singh-led Congress government in the state. The blockade on two national highways -- NH-2 and NH-37 -- has led to steep rise in prices of essential commodities and severely affected the normal life in the state. It had become a major issue in the recently held assembly polls in the state. Appreciating the "first step of the newly formed government" led by the BJP, Manipur Governor Najma Heptulla said the lifting of the blockade "will usher in an era of peace and prosperity" in the northeastern state. Chief Minster Biren Singh said the lifting of the blockade was "just the beginning" and that his government was trying to fulfil the promises Prime Minister Narendra Modi had made to the people of the state.

Infosys abstains from applying for H1B visas for junior employees

 H-1B visa woes for employees have worsened with Vishal Sikka-led IT major Infosys deciding to stay away from applying for the US work visa for its junior staffers — those with less than four years of experience. The company is trying to avoid any issues arising out of the Donald Trump administration’s visa regulations,Domestic IT companies have been trying to come to terms with the protectionist measures being implemented by the US and are aligning their operations to lessen their dependence on H-1B visas. Infosys is in talks with its clients to bring both the work done by junior employees and such staffers to India, according to the report. Also, the company hasn’t raised fresh visa requests for candidates in systems engineer and senior systems engineer posts. Infosys declined to comment on ET’s story.

Cognizant may lay off more than 6,000 employees this year 

Cognizant looking at sacking more than 6,000 employees this year. Company says standard practice but is this is an impact of automation As the appraisal season begins, ominous signs for employees at Cognizant have begun to emerge. The company may fire more than 6,000 employees this year, According to a Cognizant spokesperson, the move is part of company’s regular appraisal cycle and underperformers are likely to be under the radar. Media reports also say that as many as 10,000 employees can lose their jobs. It is a standard practice for information technology (IT) companies to cut their workforce during a rigorous appraisal process and underperformers or employees who have not taken efforts to reskill will have a tough road ahead. In this sector, it is the bottom one per cent of the workforce that has to take the bitter pill. Is this a standard practice or is this an automation wave IT industry is entering the new phase of automation. This may be good for the company to cut costs but employees may be out of jobs as companies will eliminate redundant roles. About 75 percent of Cognizant's 2.6 lakh-strong workforce is based out of India. 

Exports jump 17% to $24.5 bn in Feb; trade deficit widens

 Recording positive growth for six months in a row, India's exports soared 17.48 percent to USD 24.5 billion in February led by petroleum, engineering and chemicals. Recording positive growth for six months in a row, India's exports soared 17.48 percent to USD 24.5 billion in February led by petroleum, engineering and chemicals. The trade deficit widened as well to USD 8.89 billion as imports expanded. "In continuation with the revival exhibited by exports since September 2016, exports during February for the first time exhibited a double digit positive growth," the commerce ministry said in a statement. 

Government frames solar scheme to promote powerloom sector 

Under the scheme, the government will provide financial assistance and capital subsidy to the extent of 50 percent, 75 percent and 90 percent of the basic cost of the solar energy plant to applicants. The government today said it has formulated a scheme to provide incentives and concessions to loom weavers to utilise solar energy to increase production. Minister of State for Textiles Ajay Tamta said that for the development of the powerloom sector, the government has formulated the 'Solar Energy Scheme'.

Ramco Systems bags fleet management order from Kiwi firm 

Ramco Systems today said it has bagged an order from New Zealand-based Ravensdown Aerowork to automate and unify the maintenance and overhaul operations of its fleet. "Ramco will deploy Ramco Aviation Suite v5.8 to enable Ravensdown Aerowork automate and unify the maintenance and overhaul operations of its fleet," the company said in a statement. As part of the order, Ramco would provide maintenance and engineering, supply chain, fixed asset management, general accounting modules for efficient management of systems and processes, among others. Ravensdown Aerowork, subsidiary of the farmer-owned cooperative Ravensdown Ltd. operates fixed wing aircrafts which spread fertilisers across New Zealand. The company's fleet has the ability to carry up to 2,000 kg loads.

The Congress Legislative Party will meet Governor

Mridula Sinha today to stake claim to form the next government in Goa, stating that they have adequate numbers on their side "We are holding a Congress Legislative Party meeting in the morning and then will be meeting the Governor at to stake claim to form the next government. "We have adequate numbers. We are the single largest party and we should be invited to form the government," CLP leader Chandrakant Kavlekar told PTI. The Goa Governor has already invited the BJP-led alliance to form the government and the swearing-in is scheduled this evening. The Congress has taken umbrage to the Governor's move of not inviting them as they are single largest party that has emerged in the Goa Legislative Assembly polls. The Congress has 17 legislators followed by BJP with 13, Goa Forward Party and MGP with three each, three independents and NCP (one). The party has also filed a petition in the Supreme Court challenging the appointment of Manohar Parrikar as chief minister.

Scotland to seek independence referendum over Brexit" Scotland's 

First Minister Nicola Sturgeon said she will be seeking the Parliament's permission to hold a referendum on Scotland's independence from the UK, a move described as "divisive" by Downing Street. Sturgeon wants this referendum to be held between the second half of 2018 and first half of 2019 for Scotland to be able to have a say over its relationship with the European Union (EU) post-Brexit. If it gets parliamentary approval, this will be the second such Scottish independence referendum after 2014, when the region had voted to remain part of the UK. "I will take the steps necessary now to make sure that Scotland will have a choice at the end of this process. A choice of whether to follow the UK to a hard Brexit, or to become an independent country able to secure a real partnership of equals with the rest of the UK and our own relationship with Europe," Sturgeon said from her official Bute House residence in the Scottish capital of Edinburgh.

PM silent on attacks on Indians abroad as he is scared: 

Rahul The Congress today questioned Narendra Modi's silence on a string of racist attacks on Indians abroad even as Rahul Gandhi said the Prime Minister is keeping mum because he is "scared". PM silent on attacks on Indians abroad as he is scared: Rahul The Congress today questioned Narendra Modi's silence on a string of racist attacks on Indians abroad even as Rahul Gandhi said the Prime Minister is keeping mum because he is "scared". "Indians are being killed in America but our Prime Minister does not speak a word about it. He is scared," Gandhi said. Addressing a rally at Ram Lila maidan, the Congress Vice President said, "Modi has a 56-inch chest, right? When our youths are being killed in the US, bullets are being fired at them, why is Narendra Modi quiet? Why has he not spoken a single word? Because Narendra Modi practises politics of lie

Harvard dropout Zuckerberg to give commencement address Zuckerberg, 

32 will be the featured speaker at Harvard's 366th Commencement on May 25, the University announced yesterday. This is an honour that brings distinguished political leaders, business chiefs and artists to address graduating students. Harvard dropout Zuckerberg to give commencement address Facebook founder and CEO Mark Zuckerberg, one of Harvard University's most famous dropouts, will return to his one-time alma mater this summer to deliver the commencement address at the convocation ceremony. Zuckerberg, 32 will be the featured speaker at Harvard's 366th Commencement on May 25, the University announced yesterday. This is an honour that brings distinguished political leaders, business chiefs and artists to address graduating students. A young Zuckerberg, now among the world's most powerful and influential billionaires, had founded Facebook in 2004 in his Harvard dormitory and had then dropped out of the prestigious institution to focus full-time on building the social media company, which transformed the way people interacted with each other. 

Centre to unveil new steel policy soon: 

Minister Addressing a regional seminar here, the Steel Minister said the government would organise a national conference of steel producers and consumers. Centre to unveil new steel policy soon: Minister The government will soon unveil a new steel policy to boost production and consumption of the commodity, Union Minister Chaudhary Birender Singh said. Addressing a regional seminar here, the Steel Minister said the government would organise a national conference of steel producers and consumers. 

Govt fleeced Rs 26,000 cr in name of Digital India:

 Congress Attacking Prime Minister Narendra Modi for his cashless push to the economy post-demonetisation, AICC chief spokesperson Randeep Surjewala said the true mask of Digital India is coming off as government is not intervening to stop banks from imposing heavy charges on use of ATMs and debit and credit cards. Govt fleeced Rs 26,000 cr in name of Digital India: Congress The Congress accused the government of "organised fleecing and legalised pillage" of a whopping Rs 26,000 crore from the common man in the name of 'Digital India'. Attacking Prime Minister Narendra Modi for his cashless push to the economy post-demonetisation, AICC chief spokesperson Randeep Surjewala said the true mask of Digital India is coming off as government is not intervening to stop banks from imposing heavy charges on use of ATMs and debit and credit cards. "The mask of Digital India is coming off and the truth is out for everybody to see. Government has sanctioned Rs 26,000 crore worth of organised fleecing and legalised pillage from ordinary Indians in the name of digital India," he said. He said in the name of Digital India, Modi government is fleecing the citizens and earning a whopping Rs 26,000 crore in the form of taxes or charges on digital transactions. 

Aadhaar now a must for poor women to get free LPG connection 

 While the government in October last year had made the unique identification number mandatory for everyone to get LPG subsidies, it has now extended the same for free cooking gas connections to women of BPL households. Aadhaar now a must for poor women to get free LPG connection The government has made having an Aadhaar card must for poor women to avail of free cooking gas (LPG) connection under the Pradhan Mantri Ujjwala Yojana. While the government in October last year had made the unique identification number mandatory for everyone to get LPG subsidies, it has now extended the same for free cooking gas connections to women of BPL households. The government had last year launched the Pradhan Mantri Ujjwala Yojana to provide 5 crore poor women with free LPG connections in three years with a view to providing clean cooking fuel. "Individual beneficiary desirous of availing the benefits under the scheme (PMUY) is hereby required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication," said a gazette notification issued by the Ministry of Petroleum and Natural Gas. Those below poverty line (BPL) women looking to avail free LPG connection but do not have the Aadhaar number, have been asked to apply for it by May 31.

Aviation stocks fly high after Delhi govt cuts jet fuel tax 

 Jet Airways, SpiceJet and InterGlobe Aviation soar between 4 and 8 percent on the back of positive announcement. The government announced the cut in tax to improve North East connectivity as well. Aviation stocks soared high following Delhi Government’s announcement of a massive cut in jet fuel tax to 1 percent from 25 percent. The state government cut the tax in a bid to improve North-East connectivity. Among the stocks that led the gain was SpiceJet , jumping over 7 percent intraday. Other major airlines such as Jet Airways and InterGlobe Aviation , which operates an airline under the name ‘IndiGo’, rose over 6 percent and 4 percent, respectively. SpiceJet has seen a massive jump of 28 percent in the past one month, and has posted gains of 10 percent in the past three days. At 14:24 hrs, it was quoting at Rs 81.10, up Rs 5.85, or 7.77 percent on the BSE.

Next step in GST to fit the rates across commodities: J&K 

FM As the deadline nears for the rollout of India's biggest tax reform, Haseeb Drabu, FM, Jammu & Kashmir told that panel might spend 2 days in clearing the GST law so that it can go to the Parliament. Error loading player: No playable sources found As the deadline nears for the rollout of India's biggest tax reform, Haseeb Drabu, Finance Minister of Jammu & Kashmir,  that the panel might spend two days in clearing the GST law so that it can go to the Parliament.

China signals change of course on its currency policy 

In his lengthy work report submitted to China's parliament, the National People's Congress (NPC) yesterday, Chinese Premier Li Keqiang said "the renminbi exchange rate will be further liberalised, and the currency's stable position in the global monetary system will be maintained". China signals change of course on its currency policy China has hinted at changing its long-standing yuan policy to liberalise its currency against the dollar, signalling willingness to alter course on exchange rates amid US President Donald Trump's threats of a trade war. For the first time in an annual government report, China included the requirement to ensure the stable global status of yuan as one of its major tasks, dropping the line "keeping a stable yuan at a reasonable and balanced level" which was included in the previous three reports, Hong Kong-based South China Morning Post reported today. In his lengthy work report submitted to China's parliament, the National People's Congress (NPC) yesterday, Chinese Premier Li Keqiang said "the renminbi exchange rate will be further liberalised, and the currency's stable position in the global monetary system will be maintained". 

Efforts on to pass bankruptcy bill in ongoing session:

 Das "Bankruptcy Code: Welcome submission of report by Joint Parliamentary Committee. Effort will be to get it passed in current Budget session," Economic Affairs Secretary Shaktikanta Das tweeted. Efforts on to pass bankruptcy bill in ongoing session: Das Finance Ministry said that efforts will be made to pass the insolvency and bankruptcy bill in the ongoing session of Parliament that will help domestic entities to resolve distress situation faster. "Bankruptcy Code: Welcome submission of report by Joint Parliamentary Committee. Effort will be to get it passed in current Budget session," Economic Affairs Secretary Shaktikanta Das tweeted. The Joint Committee on 'Insolvency and Bankruptcy Code, 2015' in its report tabled in Parliament today suggested reduction in the time period given under different clauses to expedite the process.

Economy to grow 7.1% in FY17, Dec quarter GDP surprising: Fitch 

The US-based agency, however, termed the 7 percent GDP growth for the October-December quarter as "surprising", a tad lower than 7.4 percent in the previous quarter. Economy to grow 7.1% in FY17, Dec quarter GDP surprising: Fitch Global rating agency Fitch today said Indian economy will grow by 7.1 percent in the current fiscal before stepping up to 7.7 percent in the next two financial years. The US-based agency, however, termed the 7 percent GDP growth for the October-December quarter as "surprising", a tad lower than 7.4 percent in the previous quarter. "This number looks somewhat surprising, as real activity data released since demonetisation pointed to weak consumption and services activity because these transactions are cash-intensive. By contrast, official data suggest that private consumption was strong in the fourth quarter of 2016 (though services output growth moderated quite substantially)," Fitch said. Fitch expects Indian GDP to grow by 7.1 percent for 2016-17, before picking up to 7.7 percent in both 2017-18 and 2018-19. It said the December quarter GDP number suggests that economic activity was "hardly hit" by the cash crunch after the government's move to remove 86 percent of currency in circulation overnight. On this discrepancy,

India open to investing in US energy market: Dharmendra Pradhan

 India, which in the coming years would emerge as the largest energy consumer of the world accounting for nearly one-third, is open to investment in the US, subject to a good deal, Pradhan said. India open to investing in US energy market: Dharmendra Pradhan India is open to the idea of investing in America's energy sector and acquiring assets if it gets a good deal, Union Oil and Natural Gas Minister Dharmendra Pradhan said today. "Our basket is really global," the Minister said. India, which in the coming years would emerge as the largest energy consumer of the world accounting for nearly one-third, is open to investment in the US, subject to a good deal, Pradhan said. Noting that India's source of procuring crude oil is multidimensional, Pradhan said if India gets "good terms and reasonable price," it is open to buy energy from anywhere, including the US. India, of late, has invested in the energy market across the globe Russia, Canada, New Zealand, Australia, Vietnam, Africa, Latin America. However, the presence of Indian oil and energy companies is minuscule in the US. But India, he said, is open to the idea of investing more in the US. 

India mulls local steel requirement for $59 bn infra spend 

 The government expects the move to boost sales of local companies such as JSW Steel and Tata Steel , and eventually attract global steelmakers such as ArcelorMittal and POSCO to invest in the country, five steel ministry sources told Reuters. India mulls local steel requirement for $59 bn infra spend India may soon mandate the use of local steel in government infrastructure projects worth billions of dollars, sources said, pitching it as a WTO-compliant protectionist measure aimed at further cutting cheap imports, mainly from China. The government expects the move to boost sales of local companies such as JSW Steel and Tata Steel , and eventually attract global steelmakers such as ArcelorMittal and POSCO to invest in the country, five steel ministry sources told Reuters. India, the world's third largest steel consumer, has budgeted a record USD 59 billion for 2017/18 for steel-intensive infrastructure projects such as ports, roads, railways and power. "The preference in procurement will enhance demand and thus production. Definitely it is 'Make in Steel' and thus 'Make in India'," Steel Minister Chaudhary Birender Singh told Reuters. 

Karjat: A property destination blessed by nature 

Over the last few years, the Karjat-Neral belt has transformed from a second home location, to a first-home destination. The region has become an established housing destination and prices are likely to move upwards. R Over the last few years, the Karjat-Neral belt has transformed from a second home location, to a first-home destination. The region has become an established housing destination and prices are likely to move upwards. According to Ateev Gala, executive director of the Vijay Group, “As these locations are on the outskirts of Mumbai, they have huge scope for development and increase in prices. These towns, skirting the main city of Mumbai, are slowly being engulfed into the Mumbai Metropolitan Region (MMR). With low land rates and upcoming infrastructure, these locations have become the nucleus of real estate investments.” Infrastructure growth The Mumbai Metropolitan Region Development Authority (MMRDA) and the City and Industrial Development Corporation (CIDCO), the planning and implementing bodies of the region, have planned several projects for Karjat. Firstly, the area has been given minimal FSI of 1.0. A recreation centre is also proposed to be developed in the area, along with a 20-20 league playground and a golf course. See also: Karjat: Physical infrastructure and liveability 

Porinju: Reliance may rise 20-25%; why investors must watch politics 

 Some stocks, such as Reliance Industries are coming out of that consolidation after a decade, Porinju Veliyath, MD, Equity Intelligence India while asserting that Indian markets are at an “inflection point”. MD & Portfolio Manager, Equity Intelligence India | Error loading player: No playable sources found Over the past few weeks, the Street has repaid investors’ faith with good up move. While Nifty and Sensex are close to all-time highs, the markets have been consolidating the past two years, with index-wise disproportionate returns, Porinju Veliyath, MD, Equity Intelligence India said. Some stocks, such as Reliance Industries are coming out of that consolidation after a decade, while asserting that Indian markets are at an “inflection point”. Reliance Industries shares climbed a nearly 9-year high to Rs 1,253.45, surging 6 percent intraday Monday on the back of value buying. Strong rally helped it to cross Rs 4 lakh crore-mark in market recapitalisation, for the first time since January 18, 2008. Currently, it is the second highest valuable stock in market capitalisation terms after TCS that is valued at Rs 4.88 lakh crore.

Secret Uber software steers drivers from stings

 Uber has acknowledged the use of a secret software program to steer drivers away from trouble, including sting operations by local authorities to catch law-breakers. |Secret Uber software steers drivers from stings Uber has acknowledged the use of a secret software program to steer drivers away from trouble, including sting operations by local authorities to catch law-breakers. In the latest in a streak of damaging news for the ridesharing giant, Uber came forward about its "Greyball" software yesterday after a New York Times report which said the program aimed to deceive authorities in markets around the world. According to an Uber statement, the tool was used in cities where it was not banned from operating, and the main intent was to protect drivers from disruption by competitors using the smartphone application to interfere instead of summon legitimate rides. "This program denies ride requests to fraudulent users who are violating our terms of service," an Uber spokesperson said in an email reply to an AFP inquiry. "Whether that's people aiming to physically harm drivers, competitors looking to disrupt our operations, or opponents who collude with officials on secret 'stings' meant to entrap drivers." Uber said the program was used in locations where drivers feared for their safety, and "rarely" to avoid law enforcement. 

Godrej consolidating food retail chain Nature's Basket 

Godrej Nature's Basket, which is aiming for sustainable profitable growth through omnichannel expansion over the next three to five years, has also put in place a new management team. Godrej consolidating food retail chain Natures Basket Godrej group is reworking the business of its gourmet food retail chain Godrej Nature's Basket and is in the process of consolidating the chain. Godrej Nature's Basket, which is aiming for sustainable profitable growth through omnichannel expansion over the next three to five years, has also put in place a new management team. "We are in the process of consolidating our business as you might know," Godrej Industries Executive Director & Chief Brand Officer Tanya Dubash told analysts in a conference call. She was responding to a query on the company's strategy for Nature's Basket business going forward as it has closed down some of the stores.

Mahindra mulls making a Tesla-like electric sportscar Mahindra & 

Mahindra is assessing the feasibility of a plan to drive in an electric sports car, much like Elon Musk-led Tesla, for which it is looking to couple Mahindra Electric’s expertise in electric cars with the design capabilities of Italian Pininfarina.  Domestic automobile company Mahindra & Mahindra ( M&M ) is assessing the feasibility of a plan to drive in an electric sports car, much like Elon Musk-led Tesla, to satiate the needs of Indian auto enthusiasts. For this, the company is looking to couple Mahindra Electric’s expertise in electric cars with the design capabilities of Italian Pininfarina which it acquired a year ago, The Economic Times reported Thursday. Terming the project as M&M’s “dream”, Managing Director Pawan Goenka said while many companies are launching electrics, only one or two have been successful in cracking the volumes game.

TRAI needs to adopt long-term vision for industry:

 SunilMittal BhartiAirtel Chairman Sunil Mittal has urged sectoral regulator TRAI to adopt a long-term vision for the industry and not approach regulations in "fits and starts" or reactive manner. TRAI needs to adopt long-term vision for industry: Sunil Mittal Bharti Airtel Chairman Sunil Mittal has urged sectoral regulator TRAI to adopt a long-term vision for the industry and not approach regulations in "fits and starts" or reactive manner. He said that it is the responsibility of the regulator to ensure that there is "amicable co-existence of operators, less noise, and more work" in the system. "My view on this is that the regulator needs to have a long-term vision for this industry. You cannot be doing things in fits and starts. Too much of activity is happening in reactive manner," Mittal told reporters on sidelines of the Mobile World Congress. He was responding to a specific query on TRAI recently seeking industry's views on promotional offers and predatory pricing.

Govt's idea to auction spectrum every year progressive: 

Mittal J S Deepak, as the Telecom Secretary, a couple of days ago said the government is looking at making spectrum auction an annual event and will reach out to sector regulator Trai for its recommendations. Govts idea to auction spectrum every year progressive: Mittal The government's proposal to auction spectrum every year has got a backer in Bharti Airtel Chairman Sunil Bharti Mittal, who however has said there is no need for sale of airwaves in coming fiscal. "The way he (telecom secretary) has put it that spectrum auction will be done every year whether industry needs it or not is very progressive thought. In fact, it will become a leading edge practice worldwide," Mittal told PTI in an interview. J S Deepak, as the Telecom Secretary, a couple of days ago said the government is looking at making spectrum auction an annual event and will reach out to sector regulator Trai for its recommendations. He had said the government plans to provide industry with an option to buy spectrum every year irrespective of their interest so that there is never a shortage of spectrum in providing quality mobile services. Deepak, a 1982-batch IAS officer from Uttar Pradesh, who at present is at the World Mobile Congress in Barcelona, has been shifted with "immediate effect" from the telecom ministry and made officer on special duty in the commerce department.

No fundamental dispute in GST council: 

Kerala FM Speaking during the Question Hour, Issac told the House, "There were no fundamental disputes in GST council." The next meeting of the council, to be held in Srinagar, would take decision to fit different goods and services into the four approved slabs of 5, 12,18 and 28 per cent tax rates under Goods and Service Tax (GST). No fundamental dispute in GST council: Kerala FM Kerala Finance Minister T M Thomas Issac informed the state assembly that there were no "fundamental" disputes in GST council. Speaking during the Question Hour, Issac told the House.

Tata Housing announces two new projects in Maldives

 The company, which is the real estate arm of the Tata group, has launched two high-end property developments at Odeon and Nadhee. Tata Housing announces two new projects in Maldives Realty firm Tata Housing today announced expansion in Maldives real estate market with launch of two luxury housing projects in Male. The company, which is the real estate arm of the Tata group, has launched two high-end property developments at Odeon and Nadhee. "The projects will be developed by Apex Realty Pvt Ltd, a joint venture between Tata Housing Development Company Ltd and SG 18 Realty Pvt Ltd," Mumbai-based Tata Housing said in a statement. Tata Housing, which entered Maldives market about 5 years ago, has already completed a social housing project in the island country in partnership with the Maldives government. The project Luxa One at Odeon will be the first project in Male.

China's SAIC Motor gears up for Indian roads; hires ex-GM head Even as

 Chinese companies have been sellers of everything from toys to electronics in India, SAIC will be the first Chinese company to enter the automobile space. Chinese automobile company SAIC Motor has started hiring executives for its planned foray into the Indian markets, reports the Economic Times today. Even as Chinese companies have been sellers of everything from toys to electronics in India, SAIC will be the first Chinese company to enter the automobile space. SAIC will sell in the Indian markets through its local unit – MG Motor India, a British brand which it had acquired from another Chinese firm Nanjing Automobile almost a decade ago. The cars sold here will be tagged under the MG Motor brand, which has been registered in India. Former India head of General Motors, Rajeev Chhaba, is slated to be the CEO, while seven others have been hired to lead the finance, human resources, purchase, IT and other departments. SAIC also has the Competition Commission of India’s approval to acquire the Halol (Gujarat) factory of General Motors, which is SAIC’s China partner. But the deal will depend on settlement of labour issues at the plant by GM.

Indian cos score over MNCs in food & dairy products: 

Research shows that Indian companies that are into food and dairy products understand the local palate and preferences better than multinational companies. While the MNCs dominate home and personal care segments. Research shows that Indian companies that are into food and dairy products understand the local palate and preferences better than multinational companies. The MNCs dominate home and personal care segments. Indian firms like the biscuit maker Parle Products, ITC , and Britannia along with Gujarat Co-operative Milk Marketing Federation (GCMMF) that markets the Amul dairy products top the food segment while MNCs like Hindustan Unilever , Procter and Gamble (P&G), Colgate-Palmolive dominate the home and personal care product segment, says a Business Standard report. Sector experts’ anlaysing this trend say since Indian companies have a better understanding of local tastes and food preferences and they tend to dominate the food product categories. Meanwhile, the aspirational nature of the home and personal care products of MNCs attracts the India consumer to them. Speaking to BS, Arvind Singhal, Chairman, Technopak, says, "What MNCs have is globally-tested best practices and formulations that work well in home and personal care. Products are uniform across markets.